Catastrophic Risk: Analysis and Management (The Wiley Finance Series)

Whose Risk Is It? Corporate Catastrophe and Human Rights
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Following a description of the general model, the paper briefly discusses a case study of earthquake risk in the Irkutsk region of Russia. For this purpose the risk management model is customized to explicitly incorporate the geological characteristics of the region, as well as the seismic hazards and the vulnerability of the built environment. In its general form, the model can analyze the interplay between investment in mitigation and risk-sharing measures. In the application described in this paper, the model generates insurance strategies that are less vulnerable to insolvency.

Engaging and informative, it skillfully examines both the art as well as the science of effective enterprise risk management practices. Along the way, it addresses the key concepts, processes, and tools underlying risk management, and lays out clear strategies to manage what is often a highly complex issue. Failure to properly manage risk continues to plague corporations around the world.

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Don't let it hurt your organization. Pick up the Second Edition of Enterprise Risk Management: From Incentives to Controls and learn how to meet the enterprise-wide risk management challenge head on, and succeed.

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Enterprise-wide risk management ERM is a key issue for board of directors worldwide. Furthermore, Risk quantification is the cornerstone of effective risk management,at the strategic and tactical level, covering finance as well as ethics considerations. Only thus will an optimum return on capital and a reliable protection against bankruptcy be ensured, i.


Catastrophic Risk is essential reading if youre a corporate treasurer, CFO, or insurance/financial risk manager responsible for corporate risk management. Catastrophic Risk: Analysis and Management (The Wiley Finance Series): Erik Banks.

Within the ERM framework, each individual operational entity is called upon to control its own risks, within the guidelines set up by the board of directors, whereas the risk financing strategy is developed and implemented at the corporate level to optimise the balance between threats and opportunities, systematic and non systematic risks. Beyond traditional probability analysis, used since the 18th Century by the insurance community, it offers insight into new developments like Bayesian expert networks, Monte-Carlo simulation, etc.

Despite enterprise risk management's relative newness as a recognized business discipline, the marketplace is replete with guides and references for ERM practitioners. Yet, until now, few case studies illustrating ERM in action have appeared in the literature. One reason for this is that, until recently, there were many disparate, even conflicting definitions of what, exactly ERM is and, more importantly, how organizations can use it to utmost advantage.

With efforts underway, internationally, to mandate ERM and to standardize ERM standards and practices, the need has never been greater for an authoritative resource offering risk management professionals authoritative coverage of the full array of contemporary ERM issues and challenges.

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Written by two recognized international thought leaders in the field, ERM-Enterprise Risk Management provides that and much more. Enterprise risk management ERM is a complex yet critical issue that all companies must deal with in the twenty-first century. ERM empowers risk professionals to balance risks with rewards and balance people with processes.

But to master the numerous aspects of enterprise risk management, you must integrate it into the culture and operations of the business. No one knows this better than risk management expert James Lam, and now, with Implementing Enterprise Risk Management: From Methods to Applications, he distills more than thirty years' worth of experience in the field to give risk professionals a clear understanding of how to implement an enterprise risk management program for every business.

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Vital and indispensable, The Intelligent Investor is the most important book you will ever read on how to reach your financial goals. Account Options Sign in. Top charts. New arrivals. Catastrophic risk is one of the most significant and challenging areas of corporate risk management.

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Formally, formulation 2 defines ES. Perhaps the most important concept in finance, at least regarding such rigorous analysis, is risk. Hence, the opportunity to capitalize upon the dichotomy between the inequities of the production and gaming markets will be detailed and quantified. As the financial system becomes more complex, the need for complicated statistical models to measure risk and to price assets becomes greater. If you envision using this programming functionality for an occasional project only, the learning curve will perhaps be too steep. Introduction to the DecisionTools Suite 5.

Analyze this risk for your company with Catastrophic Risk and make sure you have sufficient resources to absorb losses and avoid financial distress. Reviews Review Policy.

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By taking into account the human rights dimension of such risks, and engaging with those who may be harmed by such risks, companies can address this potential ethical problem. A car company might conclude, for example, that it can tolerate the risks of the cost of wrongful death suits, if the total cost of those claims are less than the costs saved by designing a cheaper gas tank that is more likely to explode in an accident.

Assessing human rights impacts as part of business risk management and taking them into account corrects for this ethical problem as well. The risk perspectives of a company and its external rights-holders are therefore likely to overlap, but also be in tension. Understanding and addressing those differences is critical, however. Doing so may help to counteract the natural tendency of individuals — confirmed by experiments and empirical studies — to overestimate their ability to accurately predict risk.

Similarly, the absence of any major spill from a deep-water oil-drilling platform in US waters, may have led BP, the industry and regulators to believe that such a disaster was virtually impossible. That bias can lead to false and dangerous overconfidence, particularly when anticipating and planning for catastrophes that may involve complex and interdependent systems. As Douglas Hubbard points out in his recent book describing the failure of risk management, many managers typically view events that haven't happened in the last 20 years as virtually impossible.

These include major business catastrophes, such as major industrial accidents, economic depressions, nuclear power plant failures, and lengthy power outages, all of which were thought impossible in the years immediately preceding the event. Such distribution curves rarely apply to failures of complex, interdependent systems in which stress can cause a cascade of multiple failures.

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Considering the impacts of company actions on external stakeholders — through direct dialogue, where feasible — will likely reveal different risk tolerances, and may increase the sensitivity of risk company managers as to the potential impacts of such events on the community. Given the tendency of individuals and companies to overestimate their ability to predict disaster, this conversation is beneficial for both companies and communities. It will hopefully lead those risk managers to re-examine their analyses and predict more accurately the true impact on individuals, the community and their companies.

Raymond Brown, a white-collar criminal defence and international lawyer, put it well when he said that a human rights impact assessment, or HRIA:. An HRIA would have erased the widening gap between BP's business interests and the destruction of industries, livelihoods and the environment.

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If we have learned nothing else from business catastrophes, it is that their effects are not limited to corporate shareholders.